Gander Mountain cuts fiscal 2004 profit, sales targets

MikeMaynard

WASHINGTON (CBS.MW) -- Gander Mountain Co.
gmtn
lowered its growth forecast for profit and sales during fiscal 2004, with CEO Mark Baker saying he's "disappointed" by the performance of the sporting-goods retailer's stores. As revised, the company now sees pretax income for the year totaling $8 million to $13 million, down from a previous forecast of $16 million to $21 million. Comparable-store sales are expected to be "slightly negative" for fiscal 2004, down from a prior estimate of growth at a rate of 3 percent to 5 percent. Gander Mountain's total sales are now forecast at $640 million to $670 million, implying year-over-year growth of 30.6 percent to 36.7 percent from fiscal 2003's $490 milliion. Shares of Gander Mountain eased 10 cents to end Monday's trading at $18.55.

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